US Securities and Exchange Commission v. Davis et al

Filing 89

ORDER granting 82 Motion Second Application for Compensation to Grier Furr & Crisp, PA, Attorneys for the Receiver. Signed by Senior Judge Graham Mullen on 2/27/2017. (eef)

IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF NORTH CAROLINA
CHARLOTTE DIVISION
CASE NO. 3:16-CV-285
SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,
v.
RICHARD W. DAVIS, JR.,

ORDER APPROVING SECOND
APPLICATION FOR COMPENSATION
TO GRIER FURR & CRISP, PA,
ATTORNEYS FOR THE RECEIVER

Defendant,
and
DCG REAL ASSETS, LLC, et al.,
Relief Defendants.
This matter came before the Court upon the Second Application for Compensation to Grier
Furr & Crisp, PA, Attorneys for the Receiver filed on February 3, 2017 (Doc. No. 82) (the “Fee
Application”) by A. Cotten Wright, as the duly-appointed receiver in the above-captioned action
(the “Receiver”), through counsel. The Court finds and concludes as follows:
Notice of the Fee Application was served upon the parties hereto as required by law. No
party in interest filed a timely objection to the Fee Application.
It appears that the Fee Application conforms to the Billing Instructions for Receivers in
Civil Actions Commenced by the U.S. Securities and Exchange Commission.
Grier Furr & Crisp, PA has rendered valuable services to the Receiver during this civil
proceeding, for which Grier Furr & Crisp, PA has received no compensation and the reasonable
value of services as yet uncompensated is at least $31,467.00.
Grier Furr & Crisp, PA is also entitled to reimbursement of actual and necessary expenses
incurred in the administration of the receivership in the amount of $737.12.
The Orders appointing the Receiver limit the compensation and expense reimbursement
available to the Receiver to thirty percent (30%) of any net recovery. On November 30, 2016 the
Court entered an Order on the Receiver’s First Application for Compensation for Grier Furr &
Crisp, PA (Doc. No. 75) approving fees and expenses totaling $78,018.46, which sum exceeds
30% of the net amount recovered by the Receiver thus far. Accordingly, the Receiver’s attorneys
have not received full payment with respect to the First Application for Compensation.
Nevertheless, the Court approves this Fee Application on the understanding that any payment by

the Receiver of the compensation approved hereby shall be limited 30% of the total net amount
recovered by the Receiver over the course of this case prior to deducting administrative expenses.
IT IS, THEREFORE, ORDERED that
1.

The Fee Application is APPROVED;

2.
Grier Furr & Crisp, PA is AWARDED professional fees in the amount of
$31,467.00 and reimbursement of expenses in the amount of $737.12; and
3.
The Receiver is AUTHORIZED, upon the Receiver’s recovery of additional funds
and without further order by the Court, to compensate Grier Furr & Crisp, PA for any approved
but unpaid fees and expenses in an amount not in excess of 30% of such additional funds, such
that at no time shall the total compensation paid to Grier Furr & Crisp, PA over the course of this
case exceed 30% of the total net amount recovered by the Receiver over the course of this case
prior to deducting administrative expenses.
SO ORDERED.

Signed: February 27, 2017

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